All Forum Posts by: Carlos C.

Hi everyone!

If I buy a SFR with FHA with a 5% or 10% down, and live in it for 1 year, can I rent it and them use rent income to qualify for a new SFR? Or do I need to have already around 20% equity on the SFR for it to count?

Thanks! :)

Thanks Carl, I hope some of those people can stop by and share their experience.

Thanks again!

Hi Everyone!

I've only purchased a Home once (I don't own it anymore), and every calculator (even including Tax and Insurance) would predict my payments being way less than actual payments.

My loan was for 120,000. Monthly payments were $1400 (170 Principal, 480 Interest, 750 Escrow). And every calculator would put monthly payments at around 800 to 900/month.

In the future, when I see a  home  that I want to jump in and purchase, how can I accurately calculate what my real monthly payments will be?

Thanks! :) 

Hi everyone!

I want to know if the following statement is true:

"If I buy a house using FHA, live in it for a year, and then rent it to a family which signs a Lease for a year. When I turn around and try to buy another house, they would NOT include the rent of the first house as income to qualify for my next loan because the house still doesn't have enough equity on it, since I only gave 3 or 4% down"

Thanks!

Hi everyone!

Initially I was going to invest in a house and rent it, but this whole "House Hacking" thing looks great but I do have a question:

To qualify for a loan they obviously use the DTI ratio, but when it's a duplex/triplex/quadplex in which I'm going to rent out units, does that help with the DTI or I still have to qualify with my income alone?

Thanks everyone!!!

Individual Condo :) 

Hi everyone! On a previous post I was asking about house hacking, but my initial idea consisted on buying apartments in Miami. Here's my two questions:

- I've heard people say that Investing in Apartments its a headache because of many reasons. But prices here in Miami for apartments are good, compared to SFH, and since this is my first investment, I rather spend as little as possible. Whats your opinion on that?

- I understand the concept of a FHA loan, and live in the property the 1st year, but, how big is the difference from that to buying the apartment with an Investment Loan? I don't mind the 25% down payment if I can start renting the unit right away. Is the Interest rate of a Investment loan that much more?

Thanks everyone!!! :)